A round-up of today's other stories in brief...
Tax-break office for over €1m
Joint agents Savills and Downing Commercial are seeking over €1 million for an office investment with tax breaks at Blackpool Office Park in Cork city. The 282sq m (3,035sq ft) office suite is let to Diageo Ireland on a 20-year lease from last April at an initial rent of €54,720.
The investment includes over €800,000 in capital allowances, 50 per cent of which can be utilised in year one and the balance at an annual allowance of 4 per cent of the qualifying expenditure over 13 years. A significant portion of the allowances may be offset against all Irish income.
Zed Candy for Westend park
Zed Candy, the Irish-owned confectionary company, has taken a sub-lease on 377sq m (4,058sq ft) of office space from Shop Direct on the first floor of Cape House in Westend Business Park in Blanchardstown, Dublin 15. Zed Candy recently relocated its manufacturing plant to China but still needs an administrative base in Dublin. It has taken a four-year lease at a rent of €215 per sq m (€20 per sq ft) per annum. Paul Finucane of Colliers Jackson-Stops acted for Shop Direct.
Premium for top Cork lease
River Island is moving from its shop at 39 Patrick Street in Cork to a larger premises across the road and plans to offload its old lease. Colliers Jackson-Stops is quoting a premium of €350,000 to €400,000 for the shop which has a sales area of over 371sq m (4,000sq ft) on two floors and additional store and office overhead.
The agent says it is "the best trading pitch on Patrick Street" beside many top fashion retailers, including Monsoon, French Connection, Accessorize, Warehouse and Coast. The passing rent is €460,000.
€495 per sq m at IFSC
A fully fitted second floor office is available to let in Dublin's IFSC, close to Connolly Station and the Luas, through Jones Lang LaSalle at a rent of €495 per sq m (€46 per sq ft).
The offices are on the second floor of 1 Custom House Plaza and extend to 892sq m (9,601sq ft). This cost-saving accommodation is laid out in both open-plan and cellular offices. The space is available immediately on flexible lease terms and comes with car-parking at an annual rent of €3,500 per space.
€42,000 rent for D8 suite
An attractive ground floor office suite at Christchurch Hall in Dublin 8 has come on the letting market through Browne Corrigan chartered surveyors. It has a floor area of 152sq m (1,636sq ft) and would suit a solicitors office or other professional use. The office has air conditioning, CAT5 computer cabling, suspended ceilings and recessed lighting. A flexible lease is on offer at a rent of €42,000 per annum which breaks back at €275 per sq m (25.5 per sq ft).
The same agent is seeking a tenant for a first floor office suite at the Irish Management Institute at Sandyford Road in Dublin 16. The 150sq m (1,615sq ft) unit is available at a rent of €36,000 per annum, equating to €240 per sq m (€22.3 per sq ft). Tenants have the use of the central canteen meeting rooms and library.
Facebook searching for space
Facebook, the social network website, is looking for between 929sq m and 1,393sq m (10,000sq ft and 15,000sq ft) of office space for its new Dublin operation.
The American company has appointed agent DTZ Sherry FitzGerald to find suitable premises either in the city centre or in a suburb that would be easily accessible for its youthful staff. The timing could not be better for the company: office lettings have slowed down considerably and most developers are only too willing to make major concessions to attract a high profile company such as Facebook.
The company was recently valued at $15 billion (€11.6 billion) by Microsoft. Generating "hundreds of millions of dollars" in annual revenues has allowed the company to focus on growing its worldwide user base this year to 125 million members.
€200,000 for D2 lease
Browne Corrigan chartered surveyors is quoting in the region of €200,000 for the lease of the Rianoir Jewellers shop next to Butlers Chocolate Cafe at 24a Wicklow Street, Dublin 2. It is one of the busiest pitches on the street. The shop has a ground floor area of 47.41sq m (510sq ft) with basement retail space of 43.2sq m (465sq ft). There is also a small office and store on the first floor. The premises is held under a 35-year lease from 1989 at a passing rent of €52,000 per annum. There is a rent review due next month.
The current trader has been in occupation for about 10 years and plans to retire. Before he moved in, the shop was occupied by "Our Boys", a landmark boys' clothing and uniform outlet. Browne Corrigan report strong interest in the lease.
Office space in Blackrock/D2
Commercial agent HWBC is seeking a tenant for the ground floor of Blackrock Park House, a high profile office building fronting on to Frascati Road in Blackrock, Co Dublin. The upper floors are occupied by AIG Insurance.
The ground floor, recently redecorated, extends to 282sq m (3,035sq ft) and comes with six basement car-parking spaces. HWBC is quoting a rent of €376 per sq m (€35 per sq ft) and €1,800 for car-parking spaces.
In Dublin city centre HWBC is marketing a newly refurbished Georgian office building at 60 Fitzwilliam Place which is available at a rent of €495 per sq m (€46 per sq ft). It has a total floor area of 378sq m (4,069sq ft) at five levels and an impressive entrance hall. Eleven car-parking spaces will cost an extra €4,000 per annum per space.
